UK would consider co-investing to secure sale of Tata steel assets

Tata, one of the world's biggest steelmakers, said on March 30 it was putting its British assets up for sale, citing a global oversupply of steel, high costs, weak domestic demand and a volatile currencyReuters | April 12, 2016, 08:27 IST

Tata Steel Ltd said it expected to take no further charges in Europe and has put no European assets up for sale, following a $1.6 billion writedown for the region in the past financial year due to weak demand

LONDON: British business minister Sajid Javid said on Monday the government would consider co-investing on commercial terms to secure the sale of Tata's UK steelmaking assets.

Tata, one of the world's biggest steelmakers, said on March 30 it was putting its British assets up for sale, citing a global oversupply of steel, high costs, weak domestic demand and a volatile currency.

"I've been in contact with potential buyers, making clear that the government stands ready to help," Javid told parliament. "This includes looking at the possibility of co-investing with a buyer on commercial terms."

He said the government had appointed Ernst and Young to act as their financial advisers on any deal.